Underpricing, underperformance and overreaction in initial public offerings: Evidence from investor attention using online searches.

The authors have also found the change in investor sentiment modestly significant (at 10% level), which is not significant in our results either.

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The effect is highly significant and has a notable size – a standard deviation increment in ASVI leads to an increase in initial return by a magnitude of 41.4 % of its standard deviation.

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